# Imperial Oil Targets Production Growth with Oil Sands Deal

> Imperial Oil says weekly meetings with oil sands giants aim to unlock production growth by November.
- Title: Imperial Oil Targets Production Growth with Oil Sands Deal
- Summary: Imperial Oil says weekly meetings with oil sands giants aim to unlock production growth by November.
- Keywords: imperial oil, oil sands, production growth, november 15, oil sands alliance, exxonmobil, cash reserves, share buybacks, aspen project, bitumen recovery, Financial Post
- Source: Financial Post — https://financialpost.com/commodities/energy/oil-gas/imperial-oil-oilsands-giants-meet-weekly-deal
- Author: James Rose
- Published: 2026-10-30T20:23:21+00:00
- Read time: 1 min
- Topics: imperial oil, oil sands, production growth, november 15, oil sands alliance, exxonmobil, cash reserves, share buybacks, aspen project, bitumen recovery, money, business
## Imperial Oil's Production Plan
Imperial Oil says it could double production over time but ties plans to governments finalizing an oilsands investment deal by November 15, 2026.

> There’s no lack of energy or desire to get to definitive agreements
## Stock Price Rise
Imperial Oil shares climbed three per cent to $188.70 after posting record third-quarter results that beat analysts' expectations.
## Cash Position
Imperial ended the quarter with $2.9 billion in cash and breaks even with oil at US$35 a barrel.
## Weekly Meetings
Oil Sands Alliance chief executives meet weekly on the investment deal file while staff work with both levels of government daily.
## Non-Binding Agreement
Oilsands producers and governments reached a non-binding agreement setting tax, royalty and regulatory conditions for globally competitive new investments.
## November 15 Deadline
All parties aim for a November 15 deadline but Whelan cautioned there is still a lot of work left to do.
## Share Buyback Program
Imperial expects to complete its accelerated share buyback program this quarter with a new program starting in late 2027.
## Aspen Project Details
Imperial's Aspen project tests new enhanced bitumen recovery technology with a pilot starting in early 2027.
## Key takeaway

Imperial Oil plans to double production over time by finalizing an oilsands investment deal with governments by November 15, 2026.